65% of technology Professionals are expecting to receive a rise in their annual salary and 53% expecting to receive a bonus in the coming year, according to the Robert Walters 2015 Guide to Pay and Bonus Expectations for technology Professionals.
As current economic conditions improve and the employment landscape changes with a higher number of both permanent and contract roles advertised, technology professionals across the UK are expecting to see salaries rise and are hoping to receive bonuses up to 10% of base salary. Firms that do not adjust their remuneration strategies in line with market expectations risk losing key staff, especially as technology professionals that have specific experience in certain areas like risk and compliance are in great demand.
“As confidence in financial markets grew in 2014, this led to firms re-investing in their permanent technology teams, having scaled back capabilities and relied heavily on contract staff in recent years. We expect competition in the market to increase in 2015 as strong technology candidates become even more sought after, so it is important that hiring managers consider compensation packages they are offering in order to attract and retain top talent" according to Natasha Brooks, Head of Technology at Robert Walters.
Increase in pay and bonus expectations
- 65% of operations professionals are expecting a pay rise in 2015
- 53% expect to receive a bonus
- 40% anticipate a bonus up to 10% of their base salary
- 54% anticipate a pay raise of between 1% and 10
Motivation for changing jobs
Over a half of technology professionals’ stated that they feel confident in their current job market, with 43% already planning to move to a new opportunity and only 12% stating that they are worried about finding a new job in 2015.
The survey suggests that reasons for wanting to change jobs differ amongst professionals within this sector. Many are motivated by increased salaries and career progression; however an additional 25% stated that a new opportunity that offered an improved work / life balance would be appealing.
During the resignation process, 80% of those who received a counter offer used to retain employees stated that this encompassed a pay rise. Nevertheless, a significant 68% did not accept offer and a third of those who did began looking for a new opportunity within the year.
This suggests that a high number of technology professionals who have already considered moving to a new opportunity, will not be persuaded to stay long term in their current role, even with the offer of a pay rise or increased responsibility.
“Those who accepted a counter offer stated that they did so due to the convenience of staying with a firm, not because they were invested in a role. 33% of those who accepted a counter offer returned to the job market to look for a new opportunity within a year” according to Ahsan Iqbal, Manager at Robert Walters.
About the survey
The Robert Walters Pay and Bonus Survey questioned professionals on a range of compensation questions, including their pay and bonus expectations, their career plans, and how long they intend to stay at their current firm. Firms that do not adjust their remuneration strategies in line with market expectations risk losing key staff, especially as technology professionals that have specific experience in certain areas like risk and compliance are in great demand.
Robert Walters produces regular research publications on the recruitment market in the UK – visit the Hiring Advice hub for a full list.
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